I wish people in my country's government were listening to this lecture. As i write everyone in Ghana is eagerly awaiting a loan from IMF s if this will solve our economic problems. Not many years down the line we will be back at IMF with hat in hand looking quick fixes . The lecture was very informative. I intend getting his books to read as well.

I am surprisingly satisfied with lectures conducted by professor Ha- Joon Chang because he always has something or someway new to consider talking about several issues. Very useful to expand knowledge and enrich considerations on issues of my interest. Thanks for the videos.

41:59 "Until 20 years ago, we had this expression called Korean time." I had been listening to Ha-Joon's lecture, and as soon as he said this sentence, it stuck out, because here in New Zealand, we have a significant Polynesian culture, where there is a saying "Island Time", which is often treated as humorous. I recently went to Rarotonga, and had first hand experience of "Island Time." It was strange, but wonderful at the same time. At home, I rely on our bus service to get from A to B, where people get very impatient if the bus is late, and when the bus arrives, passengers and drivers just want everyone to hurry up, get on, get a seat, so we can all get going. While in Rarotonga, I caught a bus from the town center to where my family were staying. Because of so much of my life being run by the clock, I was a bit flustered, asked the driver how much the bus fare was to where I was staying, then started flustering around in my wallet for the cash. I was very conscious of holding the bus up and the other passengers. The driver actually said to me "Calm down Mam. Just take a seat." Back home, everyone just stares at you because you're holding up the line, and everyone has places to be by set times, or their tired and exhausted after a long day at work. To actually be told by a bus driver to calm down was rather strange, but I can laugh at it now. Anyhow, my experience in Rarotonga has me questioning my lifestyle, because it causes a lot of stress, mental health issues, and also physical health issues. My question to myself is: "Is it all worth it?"

Basically, it sounds like its all by design. ‘Free’ means the ruling class has the ability to put their finger on the scale.

This was a fantastically informative lecture. Coming from a poor country, these are the things I know intuitively (that free trade wasn't free and FDI didn't work and protectionism worked). But I had no way to back these up except for my lived experience. Thanks to Prof. Ha-Joon for providing a long historical perspective.

એકદમ સરસ પ્રવચન છે. વૈશ્વિક આર્થિક ઇતિહાસનો સારાંશ સરલ અને સીધી સમજૂતી, રમુજી ટચુકાઓથી અપેલ છે.

Wow, I thought this professor was a Singaporean. Now I knew he's a Korean, Ha-Joon Chang. I didn't know he's so fluent in English. Good on him.

Wow incredible lecture! The low-quality instiutions makes a lot sense even with the criticism laid against it, as does the fact that unregulated markets serve the interest of the leaders in technological advancements. Great that more economic research is based on empirical experiments instead of meta-analysis

I think this is one of the most clear lectures I have watched on why poor countries are underdeveloped. It is very unbiased and educational. And it opened my eyes to how poor countries can proceed and escape poverty.

i came here from 2 of his books. excellent lecture

Convince one group of poor people that they are better than another and they will help you pick everyone's pocket including their own. They'll even step on a few necks.

Jefferson’s opposition to Hamilton’s ideas of industrialization was probably more due to self-interest than free-market ideology, he was a farmer and did run a plantation. This was in many ways a north south divide and part of ideas that lead to the civil war. The drawings of the Hamilton duel have different hats and coats, probably none of the artists was present at the event.

Great video! It's really nice to review common economics topics with good info and new approaches (and old forgotten ones as well lol) My only complain would be the lack of discussion about institutions in 39:57. AFAIK institutionalists have really strong arguments and explanations about economic development, it would be nice to see a video with a critical analysis about them. Again, great video series! Keep it up! 😄

This is what i was looking for many many days. Thankyou Sir for this mind boggling lecture.

Excellent lecture. An eye-opening look at world economic development in the last few centuries.

I found it quite fulfilling from a fact-based perspective. This is the first time, I came across a subtle and concrete example with pieces of evidence about the history of Political Economy. Not to forget that lectures as such are not only critical but after all emancipatory from an academic perspective, the best knowledge is the one that is based on sheer truth and particularly attempts to expose the powerful of its wrong deeds and in this case its historical lies, myths, and hypocrisy. Looking forward to more lectures like this.

Funny and brilliant. Professor Ha-Joon Chang lays bare the figures and facts of "free trade" during the last four centuries

Two main factors : 1 a legal system that does not tolerate corruption and protects people from abuse . 2 an strong educational system .

lol, I laughed at the Isaac Newton incident. He just realized his smart ass would never match up to the weirdness that culminates economics

Brilliant lecture. Thank you.

The title should be “how the west Systematically oppressing the rest of the world “

Amazing lecture, this is a treasure indeed!

Brilliant lecture by prof. Chang! This should be studied in the developing countries.

Great Insight to real historical facts. Thank you Sir. Current generations forget the hardship thier grandparents had gone through.

Very interesting style of lecturing and very eye-opening fact-finding enterprise! Great job, professor! Salute to you!

The series is real eye opener. Thank you very much indeed

How many Africans, and more so African 'leaders'; could spare time from ravaging their own economies and watch this? Thank you, Prof Chang.

Amazing lecture.Enjoyed it thoroughly. Thank you very much!

Well one ☝of the precious & knowledgeable lectures I have ever seen.

Poverty of countries has a lot to do with politics and a lot to do with a lack of morality.

Like most people, I usted to blame poverty on the rich until I studied económics and statistical anaysis which helped me differentiate reality from fiction and understand that individual and collective poverty or wealth originates in a state of mind which models the behavior of people over time. Poor people hate ando blame rich people for their misfortunes while rich people inherit the attitude that they must be disciplined and work hard to avoid becoming poor...

An eye opening lecture. Thank you for this!

Around 40 minutes the issue of keeping time is interesting. The United States and Germany after unification undergoes the Second Industrial Revolution. As the American railroads spread across a continent this gives rise to time keeping and time zones as the trains are synchronised. The interconnections of rail, telegraph and later on from flight keeps the development of a time system for industrial societies and mass production and transport of items.

My country just passed a law demanding emission tests for all motorcycles. Meanwhile the people can barely afford their daily meals. This all makes sense now

You can't average the income of hundreds of billionaires in with the incomes of the working poor, that's not a true average of anything.

No mention here on the role of the harnessing of the energy of fossil fuels . Both Britain and the US were early adopters which gave them an early advantage

Go read Erik Reinert book ' How rich countries got rich... and why poor countries stay poor '

I love his books too, knowledge and entertainment in one 👍

42:00 korean time...janji melayu...perbahasan y menarik . 43:25 bagus jugak soalan & point ni

A deeper analysis is required on how the wealth looted from the New World set in motion the colonial enterprises of the Dutch and the British. Consider the following: - The Iberians had to spend the wealth somewhere. They used it to buy products from their neighbours which created the demand for factories in Europe and new entrepreneurial classes wanting to capture a piece of the business - The Iberians spent the money on wars in the Low Countries enriching mercenaries and businessmen who eventually revolted. William of Orange, founder of the present Dutch Royals, was a petty businessman propped up by the guilds - Dutch and English shipbuilding technology accelerated in order to embark on pirate expeditions that sought to capture and loot gold shipments returning from Iberian colonies

Wow, this is more or less like the strategy of victoria 2. When as a nation you industrialize, micromanagement and state capitalist policies are the goal as your industries are vulnerable and simple. As your industries develop you move towards more hands off, free trade as your economy is so large that it would be a pain to micromanage it all.

If you want a country to become richer, then yes - you typically want protectionism to avoid the wealth flowing out of the country. This forces the country to become more self-reliant as well, since it is more expensive to rely on someone external. That said, you still need free markets within the country to produce this wealth in the first place. Bad policies and over-regulation that make it difficult to create and maintain companies are still a big reason why some countries remain poorer than their neighbors, and experience a lot of corruption.

it's insane to believe that a market in currencies can determine any kind of reasonable comparison between the values of individual currencies. People buy dollars (and any other currencies) only because they must, to conduct their business. Forcing this notion on the rest of the world is just another piece of the dollar hegemony. What would the value or price of potatoes be if all humans were obligate potato-eaters?

''....basically, they use pseudo-science to justify their evil.'' Prof. Dr eJb

The rain it raineth on the just...

ADAM SMITH..MOTTO..'GREED IS GOOD'...

Excellent lecture! What about the Netherlands and Switzerland whom he mentioned developed without such protectionist policies?

Spot-on analysis.

The images, graphics, and clips really helped his presentation, and he could've used more. I am sure it is better reading his scholarly findings, than listening to them.

Great Lecture!

27:44 regarding the banning of foreign shareholders, the etnonationalism movements in Peru would agree with that requirement.

How was per capita income in pre-contact sub-Saharan Africa measured?

Good lecture ! As a french I can confirm all what is say about french big companies (all created with assistance and support of the state : in france we have a kind of "state capitalism")

During the whole 45 min., they didn't use any (!) maps. That's zero (!!) maps in a video, which "explains" economical differences between countries (through) history. 0!!!

everything can only change if the society acts on it. so how do we make those nations societies start acting up ?

Fantastic discussion. Thanks

Thank u! This was amazing!👌🏽

Beautiful lecture, smart Lecturer!

Thanks! I appreciated this.

Great talk

4:28 gary's economics chilling in the background

Wow… This was a truly amazing lecture!

Whoa! Is that Gary Stevenson in the back of the class?

30:26 key point: "if you just look to the current stats, state owned contribution to GDP is ~1%, but when you look at what they did to start its own development, create new industries and new technologies, you would not have that view". This close minded non historical perspective of a country developmental process is the root behind liberalism or libertarios movements in latinoamerica. US-let and WB and IMF-mediated subordination.

42:22 Regarding lazyness regional expresions, in Peru we have the current "Peruvian time" for delays and 10 years ago the "Cavana time" given the president of the time birthplace. We usually blame the transport.

Gary's Economics spotted at 4.27 👀

7:40-32:00

SOme countries valued prosperity and freedoms, while other areas did not care about that.

Solid lecture

Great video but what is the actual conclusion? Is it that we don’t really know? Or is it still economic policy, just that the ‘good policies’ were actually not the best?

This was a very compelling argument.

Easiest part is post colonization, the bandits is rich, the victims is poor

superb lecture. Thank you sir.

Developing countries need a social reset Especially in terms of ideologies and a strong sense of patriotism. Love for your country. The truth is that Britain maintained these policies because they desired to be better. Their leaders had a vision. And the RIGHT people were always brought in to fix a problem . Most developing countries have a deep sense of “self preservation “ There is no faith in the political and institutional organizations set up. In summary a hot mess🤦🏽‍♀️ I’m from Nigeria and watching this, seeing the history of these countries makes me wonder why my country can’t put their feet down and work for its Growth and development ^****Really enjoyed the lecture ****^

Thank you for this informative video.

Thank you for this very insightful lecture

Excellent lecture... Thank you

what are policy implications? nationalise all industries and isolate yourself from the rest of the world?

Excellent !

Prof Ha-Joon book Bad Samaritans is very reading indeed

Maybe I’m stupid but I failed to clearly understand his answer to the question.

7:58 Didnt expect to see Gary Stevenson as a student

It's perfect lecture with x1.25

Everyone cites Adam Smith without quoting correctly and cherry picking, referencing Wealth of Nations and avoiding any reference to The Theory of Moral Sentiments.

Work or...looting and slavery? China demonstrated work offers peace and prosperity while looting and slavery is prosperity at the expense of others.

great lecture.

Thank you 🙏🏽

Richer countries can take advantage of poorer countries, buy the resources for less, loan for higher interest etc.

hello asia! im from austria, i love the world.

I just realized, the painting in thumbnaik, its a prince diponegoro surrenders by Raden Saleh

There is a theory that states that there are 3 main factory : Climat ( cold teaches us planning ) Religion ( teaches us how we look at wealth ) Radious of identification ( teaches us how far some good we see as our own ) I think this is a great theory .

Seems a bit of a history spin. When Hamilton was pushing import tariffs, we had no income tax and tariffs were a major source of funds for the government which the treasury needed. Bureaucracies learned how to protect their funding sources 2,000 years ago and haven't forgotten since then. The US didn't decrease tariffs until we had a very significant income tax. He then goes on to state that the US military effectively created the semi-conductor industry which indicates he doesn't understand the evolution of the semi-conductor industry. It was invented by Bell labs which was AT&T, but the phone service was the last major electronics industry to use semi-conductors and evolving chips. It was an unknown geotechnical firm now called Texas Instruments who needed very small circuits for seismic work the blew the field open followed by an unknown "camera and instrument" firm which then spawned others and Silicon Valley. Our military had a huge program to make vaccume tubes smaller and rejected chips as being too vaunerable to EMP to be used in the military. By '84 when the first Apple Mac computer came out, the chip in that unit was three generations ahead of anything the military had or was "approved" for military applications (according to my cousin who was designing the new military electronic systems for our new fighter jets -- he was green with envy). If the military was leading, it was leading from way behind. He even spins the relevance of government funding and control in technological development. For example, Japan created a 5th generation project with multi-billions in subsidies to move ahead of Intel in computer chips. Note that Intel's big competition today isn't from Japan with all that government or any massive subsidized competors. Companies like AMD hired people from Intel. France spend billions to become dominant in memory chips, but again that was just money down a rat hole. He goes on to claim that foreign direct investment with foreign technical competence doesn't help, while research by economists demonstrate best way to get technology transfer is to move people. He doesn't seem to understand that the US protectionist policies and investment policies have hurt the US economy. Effectively our tariff policies didn't support "infant industries and innovation" but supported the old senile companies to the detriment of innovation. A good example is our steel tariffs we now have that have harmed all the downstream industries while protecting the steel worker union and US Steel. US Steel closed the only significant R&D operation in the US in the early '60s with the only innovation being in the steel recycling businesses. He does show that most of the reasons for success and failure of countries don't work but one area he neglected is regulatory policy. For example, in the US we have a regulatory policy that effectively prevents off-shore aquaculture (raising aquatic plants and animals) and Korea has a supportive policy allow individuals to effectly lease ocean areas and is expanding at a rapid rate for the last half a century. The industry in Korea is very creative and dynamic while all the US talent is effectively working outside the US. He sounds good, but doesn't make sense.

Very interesting insights 😊

I think no other factor other than IQ levels or inherently available intelligence level determines why some countries become developed and other remain developing. All the theories, cultural elements, this or that ethics are later on devised to explain all that development but that is often the consequence not the cause of development in those countries. And even now we can clearly tell which countries will be good candidates for becoming developed countries short time if the US regime removed brutal sanctions on them. Two good examples are DPRK and Iran. both will be developed countries in no time once global economy has been dedollarised.

What is "New Economic Thinking" about this? Nothing wrong with it but this is basic introductory stuff that development economists have been literally (as per the lecture)theorizing about since the time of Adam Smith. Good overview stuff for an introductory economics history course, but certainly would not substitute for a development economics unit in an economics undergraduate degree.

Well presented

Currency who has the most powerful currency or a balance between export and import with decides labor wages and your rate of industrializing

Didn't need to pull Sir Isaac Newton into this, Chung

Gambling. Some countries stop when it's about the security of their own people, customs and others. They maintain a survivable course. 🙂

Incredible.